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Protecting Your Assets

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Protecting Your Assets

Many people, of all ages, casually choose to live with their partner in a de facto relationship thinking it is a harmless modern arrangement. Easy to get in to and out of. However, what many don’t realise is that after 2 years this relationship changes dramatically in the eyes of the law. (In some cases, it is before the 2 year mark.)

Many discover, to their surprise, that all their assets and super can be legally divided between the separated couple. If you are in a de facto relationship, it is beneficial to get legal advice.

A Binding Financial Agreement (BFA) remains the only effective way of protecting assets brought into or acquired during the relationship in the event of a relationship breakdown.

By use of a BFA a de facto couple can decide how they want to keep their assets divided before they become a serious couple. However, a BFA is also available to divide the assets in an existing relationship, whether it is a marriage or de facto relationship. A BFA can be made to exclude the jurisdiction of the family court to make orders for property settlement and/ or spousal maintenance.

The cost of a well written and valid Binding Financial Agreement is much less than the cost for a single day in the Family Court. If you have concerns or questions about Binding Financial Agreements, or are seeking legal advice for your situation, we welcome your call. A QLS Family Law Accredited Specialist is someone who can assist and protect you in this situation.

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David Madsen
Principal of Madsen Law
QLD Law Society Accredited Specialist in Family Law https://madsenlaw.com.au/

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